The U.S. economy added nearly 3 million jobs in 2014, and in the finance industry some sectors were definitely hotter than others.
The job market was plenty active last year, as it is expected to be in 2015. As the economy continues its recovery, jobs for people in industries directly tied to its well-being, such as finance positions are becoming more common. In 2014, this was evidenced by the growth of several corners of the finance sector. An increasing number of rules, as well as new capital in the industry, are fueling the need for jobs. If you want to develop a hiring strategy for next year in order to keep up with the competition, one good idea may be to glean information from who competitors were picking up last year. And if you're looking for a job, it can't hurt to know what hiring managers were searching their recruiting networks for in 2014.
"If you're looking for a job, it can't hurt to know what hiring managers were searching their recruiting networks for last year."
1. Technology jobs
A recent study released by human resource services provider TriNet found that the technology sector was among the fastest growing in 2014. The December iteration of the monthly report, TriNet SMBeat, featured an analysis of 2014 as a whole, which found that the technology services sector had overall net job growth of 49 percent in 2014. At 49 percent as well, technology employment growth in New York matched the national increase. The report indicated that 2015 as well seems bright for individuals seeking technology jobs.
2. Wealth management jobs
Different sorts of accounting and tax management jobs were also in high demand through 2014, due to the continued recovery of the economy. The better the economic state of the country, the better the job market is for wealth management positions. For years these wealth management teams were frozen or cut-back, but lately employers have been in catch-up mode with the economic health of the U.S. looking brighter. Because of this, wealth management positions were another popular one for hiring managers throughout 2014.
3. Compliance jobs
Even as some banks continued to cut-back their staffs last year, one position was always held open – compliance officer. Rules and regulations in the finance industry have made maintaining compliance more important than ever, and specialists are necessary to make that happen. Increasing regulation for banks and other financial companies has made compliance jobs some of the hottest on the market right now. Cory Gunderson, head of the risk-and-compliance practice of research consulting firm Protiviti had a unique way of describing the compliance job market right now.
"We're in a battle royal for talent in the compliance space, across the board," he told the Wall Street Journal's Samuel Rubenfeld.
Technology, wealth management and compliance were some of the hottest sectors in finance in 2014. And these are trends that are likely to continue through 2015. Check OneWire's website for more on who's hiring right now.